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Derivatives: Markets to witness profit booking at higher levels - IndiaNotes.com
Derivatives: Markets to witness profit booking at higher levels
Way2wealth | Published: 30 Jan, 2018  | Source : IndiaNotes.com

Indices opened on positive note in yesterday’s session and breached 11150 levels in afternoon session on back of fresh buying in selected heavy weight stocks. However, in last hour of trades profit booking pressure was seen from higher levels that dragged nifty below 11150 and finally it closed around 11130 levels up by almost 61 points.


- Fresh long accumulation was seen in nifty fut. whereas bank nifty fut. saw profit booking from higher levels. Nifty fut. added almost 5.40 lakh shares in OI and closed at 7 points premium as compared to 8 points discount a day before.


- Selected long positions were added in stocks like ioc, tatasteel, chm, ashokley, hdfc and tvsmotor.


- Short covering pullback was seen in auto sector and stocks like maruti, pidilite, upl, ibulhsgfin, mindtree and petronet.


- Hexaware, jindalstel, amarajabat, andhrabank, unionbank and bhartiartl were some of the stocks that added fresh shorts.


Domestic bourses are expected to open on flat to negative note in today’s session and thereafter will continue to see profit booking at higher levels. Ahead of Union Budget players some long unwinding pressure can be seen that can drag nifty towards 11050-10980 levels. Put writing at 11000 strike option will act as strong support zone for indices, however if nifty sustains below that than some more selling can be seen that can drag nifty towards 10800 levels in short term.


Recommendation


Script               Action             Initiation     Target         SL


ARVIND              SELL         Around 438     426         445

SUNPHARMA     BUY          Around 586     600         578

  Read full report Click here to read the full report


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.